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Regional Income Disparity and Fiscal-Monetary Policy: An Interregional Macroeconomic Model of Japan

Listed author(s):
  • Fujita, Masahisa
  • Takahashi, Shuetsu

In this paper, first the authors present an interregional macroeconomic model of Japanese economy. Then, using the model, they examine how macro-stabilization policies affect regional income disparities. They show that according to their model, the regional income disparity becomes smaller both in the case of recession combined with balance of payments surplus under a fixed exchange rate regime, and in the case of recession combined with a strong Japanese Yen under a flexible exchange rate regime. Conversely, it becomes larger both in the case of expansion combined with balance of payments deficit under a fixed exchange rate regime, and in the case of expansion combined with a weak Japanese Yen under a flexible exchange rate regime. They also show that the results of their analyses are consistent with Japanese experiences during the last three decades.

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Article provided by Springer & Western Regional Science Association in its journal Annals of Regional Science.

Volume (Year): 26 (1992)
Issue (Month): 3 (September)
Pages: 231-256

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Handle: RePEc:spr:anresc:v:26:y:1992:i:3:p:231-56
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